Retail cannabis sales continued to rebound in May following declines from a peak last summer.

Retail cannabis sales in Canada were $434.5 million (seasonally adjusted), up from $410.5 million in April and $406.8 million in March. Sales dropped to $402 million in January and $386.8 million in February, following a spike in sales at $448.7 million in December.

Cannabis sales continue to increase year over year, with spikes in sales in the summer and the winter holiday season, but the pace of those annual increases has been slowing in the last few years as the market appears to be reaching a possible saturation point. 

The current high mark for sales was August 2023, when retail cannabis sales reached $469 million. The previous high water mark was December 2022 at $425.9 million.